Montreal, Quebec – Global interest in electric vehicles (EV) will spur development among Canadian companies, according to advisory service Ernst & Young, which said that the new global opportunities have the potential to transform the industry in Canada.
“Canada has the potential to become an important player in EV production and development, not only because of our plentiful natural resources, but also due to our strong research and development teams spread across the country,” said Jean-François Tremblay, advanced vehicle powertrain task force leader for Ernst & Young.
In Canada, well over 30 automotive suppliers, some of which have already established themselves as important stakeholders, have begun to focus on emerging global opportunities. Several Canadian utility companies are also engaging in strategic plans to support the EV industry.
The company said that more than ten start-up projects worldwide are currently seeking private funding before committing to production in a specific geography, a fact that illustrates the need for Canada to position itself for opportunity. “Canada may have the natural advantages, but we’re seeing China and other countries invest heavily to attract producers of new vehicle technologies,” said Cynthia Orr, leader of Ernst & Young’s Canadian Cleantech practice. “Right now, there are incredible opportunities for investors and government to get behind EV and support our entrepreneurs in the race.”
The company said that EV stakeholders in Canada should work on several targets, including consolidating a national message that will enhance the visibility of Canada as an attractive platform to launch EV initiatives; creating tangible demand by regrouping provinces’ major fleet managers; establishing a coalition and a clearly-defined public awareness campaign for both private and corporate end users; and attracting at least one interesting EV player to localize its manufacturing activities in Canada.